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The Government announced that the manufacturing sector has reduced its factory output to its lowest level for 17 years, with drops reported from firms making metal products, machinery and equipment, and transport goods.
After estimates that there would be an economic growth in the first quarter of 2009 the National Institute of Economic and Social Research revised this statement after a 0.6% drop in industrial output in May.
Recent surveys show that the economic outlook is starting to improve, Stephen Radley, chief economist of EEF, the manufacturers' organisation, said: "The decline in manufacturing output shows that we must not take the recovery for granted… The focus for the government and the Bank of England must remain on fighting the recession."
What is your view on this, how have you been effected?
The Guardian online has a complete article on ‘Bottom falls out of economic predictions after relapse in manufacturing’.
Categories: Latest TPN highlights ,
12 January 2012
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